What This Means For Small Businesses
Economy Shows Signs Of Improvement, But Weekly Unemployment Claims Up
According to the latest unemployment benefits data from the US Labor Department, there were 282,000 new claims for unemployment benefits filed for the week ending May 23. However, in “a sign fewer employees are losing their jobs,” the Boston Herald reports that the numbers have continued to trend at lower levels over several weeks. The four-week average was 271,500 per week, and initial claims “have been down for months.” Still, in Massachusetts there were 5,948 new jobless claims filed for the week ending May 16, 536 more claims than the previous week. Compared to a year ago, there were 440 fewer jobless claims for the week of May 16, and overall there are thousands fewer state residents collecting unemployment insurance than there were a year ago.
Bloomberg News reported that for the month of April, unemployment rates across Central Massachusetts fell. In the Worcester, MA area the jobless rate hit 4.6%, below the national average of 5.4% and down from 6% a year ago. The latest Executive Office of Labor and Workforce Development data indicates that state joblessness rates are improving.
Encouraging signs for a recovery of Massachusetts’ economy have become more regular, and this is good for the state’s small businesses. Small business owners may now feel more comfortable hiring the workforce they need due to a more favorable financial climate within the state. However, there are many indicators of what makes a state small-business friendly, and Massachusetts’ economic gains need to continue.
Additional Reading
NFIB previously noted Massachusetts job growth in 2014. The Boston Globe has noted the state’s April jobless data, as did the Worcester Business Journal.
